Unrealized sale proceeds have to be excluded from export turnover as well as total turnover: ITAT
Live LawThe Mumbai Bench of the Income Tax Appellate Tribunal has held that unrealized sale proceeds have to be excluded from an export turnover as well as total turnover.The two-member bench headed by Mahavir Singh and G. Manjunatha has directed the AO to re-compute deduction by excluding unrealized sale proceeds from an export turnover as well as. The Mumbai Bench of the Income Tax Appellate Tribunal has held that unrealized sale proceeds have to be excluded from an export turnover as well as total turnover. The two-member bench headed by Mahavir Singh and G. Manjunatha has directed the AO to re-compute deduction by excluding unrealized sale proceeds from an export turnover as well as total turnover. The assessee submitted that when unrealized sale proceeds are excluded from export turnover, then they need to be excluded from total turnover.